Continuation
Nevertheless, the instruments issued by IIFSs (Institutions
Offering Islamic Financial Services), that will make up an IIFS’s additional
capital.
It would be required to meet the necessary requirements in
order to ensure Shari’ah compliance.
This mentioned in IFSB (Islamic Financial Services Board.)
Exposure Draft 15.
IFSB is an international standard-setting organisation which promotes
and enhances the soundness and stability of the Islamic financial services
industry.
It issues global prudential standards and guiding principles for
the industry.
IFSB Exposure is Published Standards - Guiding Principles on
Disclosure Requirements for Islamic Capital Market Products.
The risks associated with such instruments would therefore be
assessed differently than those of conventional instruments.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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